Varun Beverages reported strong Q3CY24 results, with consolidated revenue of INR 48,047 Mn, a 24.1% YoY increase, surpassing estimates. EBITDA grew by 30.5% YoY to INR 11,511 Mn, and PAT rose 23.7% YoY to INR 6,196 Mn, driven by improved operating performance and lower tax expenses. KR Choksey maintains a BUY rating with a target price of INR 738, reflecting a 24% upside from the current market price.